Britain’s beleaguered manufacturing sector suffered its worst annual downturn in over a decade last year, according to new figures from the Office for National statistics.
In the biggest yearly fall since 1991, 2002 saw a worse-than-anticipated 4% drop in factory production. The fourth quarter was down 0.9% on Q3, with seven of the thirteen subsectors showing declines.
Manufacturing represents around 20% of Britain’s economy, which has so far been propped up by consumer spending.
Data sourced from: BBC Online Business News (UK); additional content by WARC staff